Bids were below USD 260/MT FoB. Participation was by only two companies.
Vizag steel, one of the largest & state owned Pig iron exporter has received bids of around USD 257/MT FoB Vizag port for 30,000 MT Pig iron export tender that closed on 25 Jun’15.
According to sources, two trading companies participated in the event, out of which Prime Carbon GmbH stood as the highest bidder at USD 257/MT FoB Vizag port. The company has not finalized the tender, yet.
While, last week MMTC has concluded an export tender of 40,000 MT Pig iron at a decent rate of USD 264/MT, FoB Paradip port. Sudden fall in billet and scrap prices in a week’s time has hit Indian export bids. Participants are looking at cheaper Chinese billet as major threat to scrap and Pig iron (export) market.
Currently, Chinese billet are heard offering at USD 320-325/MT FoB China and USD 350-360/MT CFR East Asian countries like Thailand, Bangladesh etc.
An export vessel of 30,000 MT Pig iron is loaded at Mormugao port. The deal was heard to be settled around a month back at USD 273-275/MT CFR Thailand.
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